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<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s industrial production grew 3.8 per cent in January 2024, according to official data released on Tuesday. <keyword id="6428111" type="General" weightage="20" keywordseo="Factory-output" source="Orion">Factory output</keyword> measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 5.8 per cent in January 2023. "India's Index of Industrial Production grows by 3.8 per cent in January 2024," an official statement said. The data released by the <keyword id="20070866" type="General" weightage="20" keywordseo="national-statistical-office" source="keywords">National Statistical Office</keyword> (<keyword id="20067517" type="General" weightage="20" keywordseo="nso" source="keywords">NSO</keyword>) showed that the manufacturing sector's output grew 3.2 per cent in January 2024, down from 4.5 per cent in the year-ago month. In January this year, mining production rose 5.9 per cent, and power output increased 5.6 per cent. The IIP grew 5.9 per cent during April 2023 to January 2024 compared to a 5.5 per cent expansion in the year-ago period.

India's industrial production grows 3.8% in January

New Delhi [India], March 12 (ANI): The latest data released by the <keyword id="20070866" type="General" weightage="20" keywordseo="national-statistical-office" source="keywords">National Statistical Office</keyword> (<keyword id="20067517" type="General" weightage="20" keywordseo="nso" source="keywords">NSO</keyword>), under the Ministry of Statistics and Programme Implementation (MoSPI), indicates a slight easing in retail inflation for the month of February 2024. According to the provisional figures provided by the NSO, the retail inflation, based on the Consumer Price Index (General), stood at 5.09 per cent in February 2024. This marks a marginal decrease from 5.10 per cent recorded in January 2024. The combined inflation rate for rural and urban areas came down to 5.09 per cent from the previous month's 5.10 per cent. The data further reveals that the <keyword id="20931744" type="General" weightage="20" keywordseo="consumer-food-price" source="keywords">Consumer Food Price</keyword> Index (<keyword id="20931745" type="General" weightage="20" keywordseo="cfpi" source="keywords">CFPI</keyword>) witnessed a similar trend, with a slight decrease from 8.30 per cent in January 2024 to 8.21 per cent in February 2024. Both rural and urban areas experienced a dip in food inflation, indicating a marginal relief for consumers across the board. The monthly changes in the General Indices and CFPIs show a negligible increase of 0.16 per cent in the combined CPI (General) and 0.11 per cent in the CFPI from January 2024 to February 2024. This indicates a relatively stable price movement in essential goods and services during the said period. The NSO collects price data from a vast sample size, covering both rural and urban markets across all states and union territories. During February 2024, data was collected from 100 per cent of villages and 98.5 per cent of urban markets. The comprehensive coverage ensures that the inflation figures are representative of the diverse consumption patterns across the country. In terms of the subgroup analysis, notable trends were observed in various categories. Cereals and products, meat and fish, and egg prices showed moderate increases, contributing to the overall inflation rate. On the other hand, certain items like oils and fats experienced a decline in prices, exerting downward pressure on inflation. The NSO has also provided state-wise inflation data, highlighting the varying price dynamics across different regions. States like <keyword id="19896313" type="General" weightage="20" keywordseo="andhra-pradesh" source="keywords">Andhra Pradesh</keyword>, Telangana, and <keyword id="19896558" type="General" weightage="20" keywordseo="tamil-nadu" source="keywords">Tamil Nadu</keyword> recorded relatively higher inflation rates, while states like Delhi and Maharashtra witnessed a more subdued inflationary environment. Looking ahead, the NSO has announced that the next release of CPI data for March 2024 is scheduled for April 12, 2024. This continued transparency in reporting inflation figures enables policymakers and stakeholders to make informed decisions regarding monetary and fiscal policies. (ANI)

Retail inflation eases to 5.09% in February 2024

<ul><li>Retail inflation eased to a three-month in January mainly on account of lower food prices.</li><li>Twelve of the 22 states witnessed higher than average inflation, especially in large states like Maharashtra, UP, Gujarat, Karnataka.</li><li><keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s industrial production grew 3.8% in December 2023, according to official data. </li></ul>Retail inflation eased to a three-month low of 5.1% in January mainly on account of lower food prices, according to official data released on Monday. Inflation based on the Consumer Price Index (CPI) was at 5.69% in December 2023 and 6.52% in January 2024. In August 2023, inflation touched a high of 6.83%. According to the data released by the <keyword id="20070866" type="General" weightage="20" keywordseo="national-statistical-office" source="keywords">National Statistical Office</keyword> (<keyword id="20067517" type="General" weightage="20" keywordseo="nso" source="keywords">NSO</keyword>), retail inflation in the food basket was at 8.3% in January 2024, down from 9.53% in the preceding month. “Inflation came in higher for December than our expectations at 5.1% against 4.7%, though lower than that of November which was 5.7%. Food products continue to exert upward pressure on inflation with cereals, vegetables, fruits, pulses, sugar and spices all witnessing high increases. There has been soothing of inflation in the core goods and services which is a relief from the point of view of monetary policy,” said <keyword id="20102121" type="General" weightage="20" keywordseo="madan-sabnavis" source="keywords">Madan Sabnavis</keyword>, chief economist at Bank of Baroda. Twelve of the 22 states witnessed higher than average inflation. It indicates that inflation is still high in large states like Maharashtra, UP, Gujarat, Karnataka, opine experts. The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> has been tasked by the government to ensure retail inflation remains at 4%. “With RBI stating risk of food inflation translating into generalised inflation, we expect RBI to continue cautious stance. However, softening of core inflation should provide confidence to trajectory of inflation moving as expected. We think RBI would rather continue with stability priority and continue maintaining 4% inflation target as sacrosanct, and hence we do not see premature easing from RBI,” said Akhil Mittal, senior fund manager-fixed income, Tata Mutual Fund. Most experts believe that uncertain food prices will keep the central bank cautious. "CPI inflation came in slightly softer than our expectations led by moderation in food prices. Positively though, core inflation softened in line with our expectations. However, uncertainties in food inflation outlook should keep RBI cautious in the near term, with much of action by the RBI expected on the liquidity front," said Upasna Bhardwaj, chief economist, Kotak Mahindra Bank. Industrial production grows 3.8% in December 2023 India's industrial production grew 3.8% in December 2023, according to official data released on Monday. Factory output measured in terms of the Index of Industrial Production (IIP) had witnessed a growth of 5.1 per cent in December 2022. "India's Index of Industrial Production grows by 3.8% in December 2023," an official statement said. The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output grew 3.9% in December 2023, up from 3.6% in the year-ago month. In December last year, the mining production rose 5.1% and power output increased 1.2%. IIP grew 6.1% during the April-December 2023 period compared to a 5.5% expansion in the year-ago period. “Growth has been pulled down by electricity growth which was just 1.2% reflecting lower levels of demand. Eleven of the 23 manufacturing categories witnessed negative growth with the significant one again being electronic items. Textiles too continue to be in the negative zone due to lower export demand,” says Sabnavis. (With inputs from PTI)

Retail inflation eases to 3-month low of 5.1% in January, IIP grows 3.8% in December

<ul><li>Food basket inflation was at 9.53% in December 2023, up from 8.7% in November.</li><li>The core inflation stood at 3.8%, moderating from 4.% in November.</li><li>India's industrial growth rate slumped to an 8-month low of 2.4% in November. </li></ul>Retail inflation inched up marginally to a four-month high of 5.69% in December 2023, mainly on account of higher food prices, according to official data released on Friday. The inflation based on Consumer Price Index (CPI) was at 5.55% in November 2023 and 5.72% in December 2022. In August 2023, inflation touched a high of 6.83%. As per the data released by the <keyword id="20070866" type="General" weightage="20" keywordseo="national-statistical-office" source="keywords">National Statistical Office</keyword> (NSO), retail inflation in the food basket was at 9.53% in December 2023, up from 8.7% in the preceding month and 4.9% in the year-ago month. “While persistent rise in the food prices contributed to an uptick in inflation in December 2023, the core inflation has continued to moderate indicating signs of easing price pressure for the households. A continual moderation in inflation is supportive of growth in the consumption driven sectors, said <keyword id="20169700" type="General" weightage="20" keywordseo="vivek-rathi" source="keywords">Vivek Rathi</keyword>, national director of research at Knight Frank India. The core inflation stood at 3.8%, moderating from 4.% in November. As per RBI’s forecast, FY24 inflation would be at 5.4%. The softer numbers that came in December could undershoot the numbers marginally,” said <keyword id="20169699" type="General" weightage="20" keywordseo="upasna-bhardwaj" source="keywords">Upasna Bhardwaj</keyword>, chief economist at Kotak Mahindra Bank. Experts expect RBI to keep its keep repo rate and policy stance unchanged in the February policy. The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) has been focussed on bringing retail inflation under 4% which is its target. “We expect the RBI to allow liquidity conditions to ease in the coming months to let the operating target rate soften towards the repo rate before shifting stance— a move which is likely in 1QFY25,” said Bharadwaj. Manufacturing drags November industrial growth to 2.4% India's industrial growth rate slumped to an 8-month low of 2.4% in November from a 16-month high of 11.6% in October, data released by the Ministry of Statistics and Programme Implementation on Friday showed. In November 2022, the country’s industrial production had grown by 7.6%. The growth rate for November was dragged down by the manufacturing sector, which slowed to a crawl of 1.2 per cent on a year-on-year basis after having posted an increase of 10.2 per cent in October. The sharp slowdown in manufacturing output growth, which accounts for more than three-fourths of the index of industrial production (IIP), was partly attributed to the large number of holidays in November on account of festivals due to which the working declined. The IIP figure has been pulled down by the manufacturing sector which posted the lowest annualised growth of 1.2% in 13 months after a solid momentum in the early part of the fiscal. While moderation in industrial activity is typically seen in the post-festive season, this may also be an indication of an expectation of demand slowdown in the last quarter of the fiscal, he added. The electricity generation also grew at a slower pace of 5.8% as compared to a high double digit growth of 20.4% in October. Similarly, the mining output growth declined to 6.8% from 13.1% in October. “Industrial output for Nov-23 has disappointed even factoring in the impact of the festival holidays during the month and the adverse base factor. IIP has recorded a modest growth of 2.4% YoY, the lowest print in eight months since March 2023," said Suman Chowdhury, chief economist &amp; head of research of Acuite Ratings &amp; Research. There has also been a contraction in both consumer durables and non-durables output in Nov-23, leading to an overall contraction of 4.2 per cent YoY in the consumer goods sector. “The growth indicators from the industrial production print however seem to be uneven. Output from most of the key industries have witnessed moderate growth, however, due to a high statistical base. However, the consumer durable output, which is consumption reflection, contracted by 5.4%. This can be concerning as sustained consumption growth is the key to keep the economic growth momentum continuing,” said Rathi. (With inputs from PTI &amp; IANS)

Retail inflation inches to 4-month high in Dec; IIP growth slips to 8-month low in Nov

<ul><li>Manufacturing, mining and services sectors contributed to <keyword id="44910" type="General" weightage="20" keywordseo="gdp-growth" source="Orion">GDP growth</keyword> in Q2.</li><li>The GVA in the manufacturing sector showed a growth of 13.9% in the second quarter.</li><li>The output of eight key infrastructure sectors jumped 12.1% in October 2023. </li></ul>India's economy grew 7.6% in the September quarter of this fiscal and remained the fastest-growing large economy, mainly due to better performance by manufacturing, mining and services sectors, the government data showed on Thursday. The gross domestic product (GDP) expanded by 6.2% in the July-September quarter of 2022-23. India remained the fastest-growing major economy, as China posted a 4.9% growth in July-September 2023. “The 7.6% GDP growth in the September quarter has far exceeded the RBI’s 6.5% estimate for the period, ensuring that India remains on the growth path despite multiple global headwinds arising from economic and geo-political uncertainties,” said Vivek Rathi, National Director Research, Knight Frank India. Manufacturing picks up pace, agriculture slows The gross value added (GVA) in the manufacturing sector showed a growth of 13.9% in the second quarter of the current fiscal compared to a contraction of 3.8% in the year-ago period. “Manufacturing and construction were the clear leaders with growth of 13.9% and 13% respectively. In the case of manufacturing, high profit growth contributed to the buoyancy while construction was up due to housing as well as government capex,” said Madan Sabnavis, chief economist at Bank of Baroda. As per the data, the output (GVA) in the 'mining and quarrying' accelerated to 10% in the second quarter against a contraction of 0.1% a year ago. Electricity, gas, water supply and other utility services' grew by 10.1% from 6.1%. “Double digit growth in the industry sector, especially in manufacturing and construction is suggesting that businesses ramped up production to meet the pent-up demand just before the festivals,” said Rumki Majumdar, Economist, Deloitte India. According to the <keyword id="7734679" type="General" weightage="50" keywordseo="national-statistical-office" source="Orion">National Statistical Office</keyword> (NSO) data, the agriculture sector GVA growth decelerated to 1.2% in the September 2023 quarter from 2.5% a year ago. This was expected due to seasonal effect, say economists. The construction sector recorded a growth of 13.3% year-on-year in the second quarter compared to 5.7%. The expansion in financial, real estate and professional services' GVA was 6%, down from 7.1% in the year-ago quarter. “As a derived demand, the upturn in the capex cycle and the strengthening domestic profile of consumers should prove to be strong drivers of India's real estate market. The continuation of the real estate upcycles, coupled with the increased focus on infrastructure development will support the sustained growth of the construction sector,” said Rathi. Meanwhile, the output of eight key infrastructure sectors jumped 12.1% in October 2023 against 0.7% expansion in the year-ago period on account of a sharp uptick in production of coal, steel, cement and electricity, according to the official data. The government's fiscal deficit at the end of October touched 45% of the full-year budget estimate, according to data released by the Controller General of Accounts (CGA) on Thursday. “Personal consumption growth lost momentum and grew only 3.1% YoY. However, it could be a possibility that consumers postponed their spending for the upcoming festive months and may have reallocated funds for investments. Higher consumer spending may get reflected in the October-December quarter,” said Majumdar. (With PTI inputs)

India's GDP grows 7.6% in September quarter, beats RBI estimates

New Delhi, The per capita monthly household expenditure more than doubled in 2022-23 as compared to 2011-12, according to the latest study of <keyword id="20720109" type="General" weightage="20" keywordseo="national-sample-survey-office" source="keywords">National Sample Survey Office</keyword> (<keyword id="20411472" type="General" weightage="20" keywordseo="nsso" source="keywords">NSSO</keyword>). NSSO, under Ministry of Statistics and Programme Implementation, conducted Household Consumption Expenditure Survey (<keyword id="20462990" type="General" weightage="20" keywordseo="hces" source="keywords">HCES</keyword>) during August 2022 to July 2023, an official statement said on Saturday. The survey aims at generating estimates of household Monthly Per Capita Consumption Expenditure (MPCE) and its distribution separately for the rural and urban sectors of the country, for states and Union Territories, and for different socio-economic groups. As per the survey, the average MPCE at current prices (without imputation) more than doubled to Rs 6,459 in urban areas in 2022-23 from Rs 2,630 in 2011-12. Similarly in rural areas, it jumped to Rs 3,773 from Rs 1,430 at current prices. As per the study, the average MPCE at 2011-12 prices (without imputation) also increased to Rs 3,510 in 2022-23 from Rs 2,630 in 2011-12 in urban areas. Similarly, it rose to Rs 2,008 from Rs 1,430 in rural areas at 2011-12 prices. It showed that the average MPCE also increased (with imputation) to Rs 6,521 in 2022-23 from Rs 2,630 in 2011-12 at current prices in urban areas. Similarly, it rose to Rs 3,860 from Rs 1,430 in rural areas. The average MPCE at 2011-12 prices (with imputation) increased to Rs 3,544 in 2022-23 from Rs 2,630 in 2011-12 in urban areas. It increased to Rs 2,054 from Rs 1,430 in rural areas. The estimates of MPCE are based on the data collected from 2,61,746 households (1,55,014 in rural areas and 1,06,732 in urban areas) in the central sample spread over all states and Union Territories. In HCES:2022-23, the usual practice of imputation of the value figures for consumption out of home-grown/home-produced stock and gifts, loans, free collection and goods received in exchange of goods and services etc. has been continued; and accordingly, estimates of MPCE have been generated. Besides, a provision for collection of information on the quantity of consumption for a number of items, received and consumed by the households free of cost through various social welfare programmes has been made in HCES:2022-23. Consequently, the value figures for food items: rice, wheat/atta, jowar, bajra, maize, <keyword id="20347236" type="General" weightage="20" keywordseo="ragi" source="keywords">ragi</keyword>, barley, small millets, pulses, gram, salt, sugar, edible oil and non-food items: laptop/PC, <keyword id="19986587" type="General" weightage="20" keywordseo="tablet" source="keywords">tablet</keyword>, mobile handset, bicycle, motorcycle/Scooty, clothing (school uniform), footwear (school shoe etc.) received free of cost by the households through these programmes, have been imputed using an appropriate method. Accordingly, another set of estimates of MPCE considering imputed values of these items and of consumption out of home produce, free collection, gifts, loans etc. has also been compiled for HCES: 2022-23.

Monthly household consumer spending more than doubled in last decade

Mumbai (Maharashtra) [India], January 8 (ANI): The stock market witnessed early fluctuations and eventually entered negative territory at the beginning of the trading day on Monday. The Sensex recorded a low opening, down by 137.69 points at 71923.44, while the <keyword id="19896381" type="General" weightage="20" keywordseo="nifty" source="keywords">Nifty</keyword> also started with a 28.10 points dip, opening at 21,682.70. Among the Nifty companies, 20 experienced advances, while 30 faced declines. Indian markets are poised for a relatively quiet opening, influenced by <keyword id="20105917" type="General" weightage="20" keywordseo="nifty-futures" source="keywords">Nifty Futures</keyword>, with GIFT Nifty trading at 21771. Varun Aggarwal, founder and managing director, Profit Idea said, "Investors are closely monitoring corporate results and global trends, leading to a shift toward large-cap stocks amid rising valuations in mid and small-cap stocks". He added, "Despite the soft opening, market sentiments remain robust, backed by India's strong economic activity. The market is responsive to macroeconomic data, global bond yields, and investment activities". In global news, US Initial Jobless Claims were lower than expected at 202K, while the federal government's gross national debt reached a record USD34 trillion, presenting challenges. The <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword> indicates that inflation is under control, signaling a potential lower target for the federal funds rate by the end of 2024. US Private sector employment rose by 164,000 in December, exceeding market expectations. <keyword id="20105918" type="General" weightage="20" keywordseo="nonfarm-payrolls" source="keywords">Nonfarm Payrolls</keyword> increased by 216,000, surpassing the market expectation of 170,000. The S&amp;P Global US Composite PMI remained stable at 50.9 in December. Eurozone and UK PMIs, Germany's stable unemployment rate at 5.9 per cent, and positive economic indicators from Japan and China are also noteworthy. In India, foreign exchange reserves reached USD 623.20 billion, the Central Bank of India reported a 14.91 per cent YoY growth in gross advances, and the <keyword id="20070866" type="General" weightage="20" keywordseo="national-statistical-office" source="keywords">National Statistical Office</keyword> estimates a 7.3 per cent growth in the current financial year. FPI investments in Indian debt turned positive in 2023, and <keyword id="20059800" type="General" weightage="20" keywordseo="hsbc-india-manufacturing-pmi" source="keywords">HSBC India Manufacturing PMI</keyword> fell to 54.9 in December. UPI transactions in 2023 reached 117.6 billion in volume and Rs 183 trillion in value. The RBI implemented changes for CPs and NCDs issuance, emphasizing transparency. Insurance companies can now invest in infrastructure debt funds of NBFCs. As India prepares for the interim budget, insiders suggest fiscal discipline over populist spending. REC signed a pact with Bank of Baroda for joint finance, and India's fiscal deficit for the first eight months stood at 50.7 per cent of annual estimates. In summary, the financial landscape reflects a mix of global and domestic factors shaping market dynamics and economic outlooks.(ANI)

Stock market opens to fluctuations, eyes on global and domestic factors for market resilience

In April, the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) governor Shaktikanta Das referred to <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> as the ‘elephant in the room’. He said, “The elephant has now gone out for a walk and appears to be returning to the forest. We would like the elephant to return to the forest and remain there on a durable basis… Elephant moves slowly, and last mile inflation tends to be sticky.” On Friday, the Indian government data showed that the year-on-year inflation rate based on the Consumer Price Index (<keyword id="20468215" type="General" weightage="20" keywordseo="CPI" source="keywords">CPI</keyword>) for June 2024 stood at 5.08 per cent — rising from 4.75% last month. This was the first time the headline inflation had risen since December 2023! Looks like the elephant decided to stop and look back on its way to the forest. The question remains, what’s next — will it return to the forest or return to the room to haunt us again? <h2>Food price inflation at a record high</h2> The major driver for the higher inflation figures this month has been the rising <keyword id="19960157" type="General" weightage="20" keywordseo="food-prices" source="keywords">food prices</keyword> across India. In fact, food price inflation almost doubled year-on-year in June, rising to 8.36 per cent last month compared to 4.63 per cent in June 2023. Inflation in the food basket was 9.36 per cent in June, up from 8.69 per cent in May, according to the data of the National Statistical Office (NSO). Government data showed that <keyword id="513422" type="General" weightage="20" keywordseo="retail-inflation" source="Orion">retail inflation</keyword> for all food segments, including cereal, meat, eggs, milk, oils, fruits, vegetables, pulses, sugar, spices, prepared snacks, and sweets, increased month-on-month. This was the main cause for retail inflation hardening in June, diverging from the previous months' moderation. While the inflation rate based on the all-India CPI for June 2024 stood at 5.08%, rural and urban inflation rates also spiked to 5.66 per cent and 4.39 per cent, respectively. “Barring the food basket, inflation is indicating signs of bottoming out broadly across the non-food categories, also seen in the inflation in the core categories averaging at 3.5% in the last six months. A stable monsoon will play an important role in stabilising food prices and inflation levels over the next few months,” said Vivek Rathi, National Director Research, Knight Frank India. In May, annual retail inflation was at a 12-month low of 4.75%, slightly down from April's 4.83%. In December last year, retail inflation stood at 5.7 % and had been moderating until June. On the other hand, the US CPI rose only 3% on an annual basis in June versus expectations of 3.2%. Month-over-month, the US CPI declined 0.1%, on expectations for a 0.1% rise. <h2>There goes the chance of an early rate cut?</h2> While European central banks started to cut interest rates last month, hopes of such policy moves seem to have been derailed by these inflation figures. Indian central bank, RBI, has remained cautiously focused on inflation as the growth prospects remained robust. It has been waiting for the final phase of disinflation to materialise before considering rate cuts. The situation, however, does seem rather peculiar — as long as inflation does not align with the central bank's 4% target, the interest rates may remain rather high. However, the current economic environment is not gloomy at all, characterized by a robust GDP growth rate, estimated at 8.2% for 2023-24. Hence, the RBI adopts a wait-and-see approach. And the wait is likely to continue a little while longer. This year, food prices have become a significant issue for policymakers in India, and the RBI governor pinned his hopes on a good monsoon season to alleviate the food price inflation concerns. So far, the monsoon has stood up to our expectations, yet the food prices have remained stubbornly high, mainly due to extended heat wave conditions in June. "The CPI inflation came marginally higher than our expectations. While the <keyword id="67286" type="General" weightage="100" keywordseo="food-inflation" source="Orion">food inflation</keyword> risks will continue to dominate in the near term, we expect better sowing patterns and spatial distribution of rains to eventually ease the price pressures beyond these volatile months. Having said that, the central bank will be in no hurry to ease <keyword id="20104157" type="General" weightage="20" keywordseo="monetary-policy" source="keywords">monetary policy</keyword> given the headroom from robust growth in the backdrop of near-term inflation risks," said Upasna Bhardwaj, Chief Economist at Kotak Mahindra Bank. India's retail inflation remains within the Reserve Bank of India's (RBI) comfort range of 2-6% but exceeds the ideal 4% scenario. While inflation is a global concern, India has so far managed its inflation trajectory relatively well. Since May 2022, the RBI has raised the repo rate by 250 basis points cumulatively to combat inflation. However, over the last eight policy cycles, the central bank has kept the rates consistent at 6.5%. The next monetary policy meeting of the RBI is scheduled for early August. And with the higher-than-expected inflation data, the central bank is likely to keep the rate unchanged next month as well for the ninth consecutive month. However, hopes are still alive for a rate cut towards the end of the year. "We are not ruling out a stance change in October 2024 and a 25 bps rate cut each in December 2024 and February 2025, followed by an extended pause, if the food inflation outlook turns decidedly favourable on the back of a normal magnitude and favourable distribution of rainfall in the rest of the monsoon season, and there are no other shocks, either global or domestic," said Aditi Nayar, Chief Economist at ICRA. (With inputs from ANI and PTI) <div type="Article" hostid="261" msid="110784179" title="Monetary Policy Committee keeps repo rate unchanged at 6.5%, confirms RBI governor Shaktikanta Das" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div> <div type="Article" hostid="261" msid="110788776" title="RBI retains inflation projection for FY25 at 4.5%" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>

Inflation spikes in June 2024 due to high food prices; Likely to affect RBI’s decision on interest rate

<ul class="summary-list"><li>A popular TikTok suggests many women are "looking for a man in finance" who's also tall and wealthy.</li><li>Five women who have experience dating men in finance told Business Insider what it's actually like. </li></ul>Last week, I went looking for women dating men in finance."You want to hear our pain firsthand?" is one of the first responses I got when I <a target="_blank" href="https://x.com/mariaanoyen/status/1806703626577990034">posted on X</a>, formerly Twitter, asking people to share their experiences.If that rings a bell, you've likely been earwormed by 27-year-old content creator Megan Boni, who shot to fame in April for <a target="_blank" href="https://www.tiktok.com/@girl_on_couch/video/7363742421588512043">a 19-second video she posted on TikTok</a>. The clip shows her singing, with vocal fry, "I'm looking for a man in finance. Trust fund. 6'5". Blue eyes."After her video racked up over 53 million views, Boni <a target="_blank" href="https://www.billboard.com/business/record-labels/man-in-finance-tiktok-sound-creator-label-deal-1235692123/">signed a deal with a major record label</a> and performed <a target="_blank" href="https://www.tiktok.com/@grxciefox/video/7375795789601279278">a remixed version of her catchphrase</a> with electronic DJ David Guetta.If nothing else, Boni has turned the spotlight back onto the rarefied Wall Street world of suits, ties, and Patagonia vests. The Wall Street Journal has already declared it "<a target="_blank" href="https://www.wsj.com/lifestyle/man-in-finance-song-tiktok-09ac3457">The Summer of the Finance Bro</a>."She may have also unwittingly boosted their appeal to potential suitors. The League, a dating and social networking app that says it's for "ambitious" singles, reported male users who said they work in finance received likes "10% faster than before" and increased matches since Boni's TikTok blew up.As someone who is dating a man in finance, I'll be the first to admit that having a relationship with someone in an industry <a target="_blank" href="https://www.businessinsider.com/how-wall-streets-culture-is-contributing-to-the-loneliness-crisis-2023-11">reputed for toxic workplaces</a> isn't always as fun as it sounds. There have been date nights interrupted by an urgent work call or email, and times when I woke up at 3 a.m. to my partner getting home from the office, bleary-eyed and exhausted.Working in finance, however, can mean many things, and the average "finance guy" in the United States is most likely far from "The Wolf of Wall Street."The <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.bls.gov/ooh/business-and-financial/home.htm">Bureau of Labor Statistics</a> put the number of Americans — not just men — working in "financial activities at <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.bls.gov/news.release/pdf/empsit.pdf">over 9.2 million</a> as of May. That number includes middle- and back-office employees in operational roles like tech and marketing who are often paid in the low six figures. While still well above the nation's median salary, their compensation pales in comparison to the jobs people think of when it comes to Wall Street: <a target="_blank" href="https://www.businessinsider.com/investment-bank-analyst-associate-starting-salaries-goldman-sachs-jpmorgan-citi-morgan-stanley">investment bankers,</a> <a target="_blank" href="https://www.businessinsider.com/wall-streets-hiring-plans-from-jpmorgan-goldman-blackrock-citi-more">private-equity dealmakers</a>, and <a target="_blank" href="https://www.businessinsider.com/investment-bank-analyst-associate-starting-salaries-goldman-sachs-jpmorgan-citi-morgan-stanley">traders</a>. Those roles can make millions of dollars a year.Here, five women with firsthand experience dating a man in finance share their experiences. Some women spoke to Business Insider on the condition of anonymity so they could speak freely about their dating experiences. Their identities are known to BI.Some women dating men with demanding jobs discussed the challenges, from getting stood up due to work running late and endless conversations about golf and money. Others, however, said qualities they appreciated in their finance-industry partners were their ambition and ability to pay their own way.<h2 id="042a6d9f-4515-4c07-9112-6f4af4b5324b">They're often unavailable and can be self-involved</h2>A self-described "hopeless romantic," Cristina Vanko gravitates toward guys who are "clean cut" and professional, with a good sense of humor.Vanko, a 35-year-old advertising art director based in NYC, has dated enough men in finance that she can now spot them from their outfits (vests and expensive watches) and how they hold conversations (charming, but never diving "too deep").Her recent experiences include a February first date with a 37-year-old JPMorgan banker who wouldn't stop talking about his work schedule and how "unavailable" it made him.It came off like a warning but also a test, she added, almost as if he was trying to gauge whether she'd be OK with him prioritizing work going forward."When you're in love with somebody, I think you could still make yourself available," she said. "My mom's a doctor. Like, you're not saving lives."<div type="image" title="wall street bankers" height="1333" width="2000" msid="111485034" hostid="261" sizebytes="94924"></div>Vanko described a different romantic encounter with a guy she met up with more than once who worked in private equity.He was open about his reluctance to commit due to work and travel. At one point, she asked him if he was seeing anyone else. She said he responded frankly: "I have a London girl. You're my American girl, and I have a girl in Berlin."One of Vanko's longest entanglements was with a vice president at Goldman Sachs, whom she met on a dating app in 2023. Their first date was at a wine bar. From the cable-knit sweater he'd thrown on to the Rolex watch poking out from beneath his sleeve, Vanko clocked him as a "finance bro" instantly.After a few more dates, she went on vacation to Los Angeles and returned to find he was dating someone else. Vanko said he slid back into her DMs when that relationship ended, complaining about his inability to find a partner and settle down.Reflecting on his attitude, Vanko said, "I'm not your therapist. I'm happy to be your friend. But it got to the point that I was just like, 'You're complaining about this other girl. Weren't you trying to date me?'"<h2 id="4afb4115-d492-48ea-a34c-1e8dba288f57">Couples need trust to feel comfortable with the long workdays</h2>A 24-year-old based in Chicago said her fiancé, a financial analyst for the auto industry, is proof that not all men in finance are cut from the same cloth."He's an extremely humble person, and he just has the biggest heart," said the Chicago resident, who works in PR and communications. Because they've been a couple for eight years, she said, she knew him before his "excruciating work hours."If she didn't know him so well, she said, she might feel "anxiety" about the lack of communication and access to his phone he typically has during long days on the job.She said she understands why people trying to pursue relationships with men in finance might wonder: "Does this guy even like me? He's not responding to me. He doesn't want to hang out with me."She said they've had to have "hard conversations" and set "boundaries" to ensure they prioritize each other despite their demanding careers.Big date nights happen a handful of times a month — and always on weekends — but they try to have dinner together during the week without phones or laptops present, she said.I asked her about the Journal's claim of a "finance bro" summer."What finance bro is actually having a finance bro summer?" she asked. "They don't really get a lot of time off."<h2 id="5a83f23b-e080-42d0-b553-bcc9c441ad77">Some seem obsessed with playing golf and making money</h2>In the summer of 2023, a woman interning at a private investment management firm in Boston met a senior investment consultant on a dating app. The woman, who asked to be referred to by her middle name, Summer, is now 23 and based in Washington DC.On paper, he fit her type — older, good-looking, and ambitious. They went on to date most of that summer.According to Summer, he was "obsessed" with two things: golf and money. These interests were obvious from how often he brought them up in conversation and also from the miniature golf set in the apartment he repeatedly told her cost him $4,000 a month in rent.<div type="image" title="A man plays golf from afar." height="936" width="1280" msid="111485039" hostid="261" sizebytes="132864"></div>"One time, I told him, 'You know what? I really want to go to the Hamptons,'" she said.His response? "Well, I don't make enough money to go there. You should date someone who has more money.'" Her response? "That's not why I'm dating you. I'm dating you because I enjoy your company."In addition to other misgivings about him, Summer said their conversations never went beyond the surface despite her efforts to dig deeper.The relationship ended abruptly toward the end of her internship, Summer said, a week after they became exclusive.In text messages shared with BI, Summer's former fling said they were going in two "different directions." She also said he told her he couldn't see her because he was getting shoulder surgery, which would prevent him from being intimate with her.Looking back roughly a year later, Summer said she thinks he only saw her as "an attractive person.""I don't think he saw me as an actual person," she added.<h2 id="ad918266-304f-417d-aefa-53d0eebafc50">It can be a relief to be with someone who earns a good salary</h2>A 25-year-old working in marketing in NYC said she's drawn to men in finance because she works in an "industry that you don't make a lot of money.""My ex-boyfriend was literally a starving artist, and it was awful," she said. "I just wanted someone who made money and who would give me a nice lifestyle."Not to mention, she added, "ambition is sexy.""Someone who works hard is better than a bum," she said.Still, dating her current partner, an investment banking analyst, since 2022 hasn't always been smooth sailing.The work hours are tough, and there have been nights, especially in the first year of the relationship, when she'd turn up at his apartment only to be let in by his roommate and be left waiting hours for him to come home from work.She and the investment banker are preparing to move in together. Last Sunday, she said she was left packing boxes by herself after he said he had too much work to help.It's tough, but she said it's not like he's just ditching her to go drinking with his buddies. As she put it, it's more like he has to do his work or he "will get fired."Overall, she feels like she "got lucky" with her boyfriend because he makes an effort to prioritize her, like working from home whenever he can manage it just to be close to her — something she knows not all bankers do.She warned anyone dating an investment banker that it's "nice in theory and hard in practice.""You will get canceled on," she added.<h2 id="33264a7c-4b53-48a6-8493-310e72ed3e23">You may have to live by their schedule</h2>A 24-year-old marketing professional in NYC was friends with a man who worked in finance for years before their relationship blossomed into something more romantic.They dated for a year and a half, during which he worked in investment banking.Physically, he fit Boni's TikTok to a T. "I swear to God that TikTok was made about him," she said. "Someone must have seen him on the street."When they started dating, the marketer said she told herself, "He works a lot, but I can manage. I'll just see him when I can see him."But endless work hours, which sometimes stretched until 4 a.m. and took over weekends, proved too much, especially as he'd routinely ditch dinners with her family or cancel date nights due to his schedule.The marketer said her mantra became telling herself the trying schedule wouldn't last forever because many investment bankers eventually transition to easier-going roles.But by November 2023, she said was done being "second to someone's job.""I was like, 'Listen, man, you want to have your job, I totally respect that, but I need to have my own life,'" she recalled to BI.In hindsight, they just weren't "meant to be," she added.That aside, her advice to anyone in NYC taking the viral TikTok about looking for a man in finance to heart is to "widen their horizons.""There's so much more than just the finance bros," she said.<h2 id="1070e09c-bf9e-4d4a-a077-42d66efb46ff">He's been 'saving' his entire life for me</h2>Aniesia Williams — a 43-year-old entrepreneur and chief client officer for a tech firm Epigen — had little experience dating men in finance.But in January, Williams matched with her now-boyfriend, Dennis Morrow, on Bumble.Williams, based in Raleigh, North Carolina, said Morrow lives about three hours away, in Charlotte. He works for Bank of America combatting fraud and moonlights as a comedian, Williams added.She usually dated people in her sector older than 40. Morrow is 36.From their first date, Williams said she was transparent that she was "dating to marry."Morrow was completely on board, something that she found refreshing. "He was like, 'I have prayed, I have worked, and I have been saving for this,'" she said.<div type="image" title="Aniesia Williams and Sir Dennis Morrow posing in a selfie." height="1400" width="1050" msid="111485036" hostid="261" sizebytes="99834"></div>Williams said they've been conscious about planning to spend time together thanks to the distance between their cities and their busy work schedules.But she's noticed that a benefit of his career is how well he manages his personal finances."This is my first relationship where I have had a man to come to me like, 'I am ready for you,'" she said.Williams and Morrow plan to move in together in Charlotte in September. While she enjoys his financial savvy, she said his job didn't make a huge difference."I could have cared less," she said. "I just wanted to make sure that he was a good human."

Confessions from 5 women who've dated men in finance

<ul><li><keyword id="6354851" type="General" weightage="20" keywordseo="Retail" source="Orion">Retail</keyword> <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> in the food basket was at 4.19% in December as against 4.67% in November. </li><li>The prices of fruits and vegetables, oils and fats, and even meat and fish fell in December 2022 as compared to the month before. </li><li>The index of industrial production (IIP) for November rose to 7.1%, as against 4% in October 2022. </li><li>We believe that the RBI will continue to increase rates in February policy by 25 bps, which can be the last hike for this cycle, says a Bank of Baroda report. </li></ul>Retail inflation declined to a one-year low of 5.72% in December 2022, mainly due to softening prices of food items, according to official data released on Thursday. The Consumer Price Index (CPI) based retail inflation was at 5.88% in November 2022. The CPI inflation in December 2022 is close to what it was in December 2021, at 5.66%. As per the data released by the <keyword id="7734679" type="General" weightage="80" keywordseo="national-statistical-office" source="Orion">National Statistical Office</keyword> (<keyword id="2501810" type="General" weightage="80" keywordseo="nso" source="Orion">NSO</keyword>), inflation in the food basket was at 4.19% in December as against 4.67% in November. After remaining above the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>'s upper tolerance threshold of 6% since January 2022, retail inflation declined in November to 5.88% for the first time in FY23. The prices of fruits and vegetables, oils and fats, and even meat and fish fell in December 2022 as compared to November 2022. “There are still concerns on the non-food side as the miscellaneous category has inflation of 6.2%, clothing and footwear 9.6% and fuel at 11%. This will remain sticky as the government is not lowering excise duties on fuel, while companies are still in the process of passing on the higher input costs,” said Madan Sabnavis, chief economist at Bank of Baroda. Personal care and household goods witnessed higher input costs that have led to inflation of 8.1% and 7.4% respectively. The government also released factory output data on Thursday. The index of industrial production (IIP) for November rose to 7.1%, as against 4% in October 2022. The manufacturing segment grew at 6.1%. The consumer durable and non-durable segments both registered healthy growth rates of 5.1% and 8.9% respectively. “While the progress is overall good with the IIP growing by 5.5% for the 8-month period, it needs to be seen if this can be sustained as the festival season ends in December. Also the willingness of governments – both states and centre to keep their capex rolling would largely drive future growth in the infra sector,” Sabnavis said. ‘Arjuna's eye on inflation’ The RBI which claims to have been keeping an ‘Arjuna's eye on inflation’ has hiked key interest rates by five times since May 2022. Cumulatively, the rates rose by 2.25% across five hikes, and the repo rate now stands at 6.25%. RBI governor Shaktikanta Das has been repeating in his policy statements that the central bank is keeping an ‘Arjuna’s eye’ on inflation i.e. watching it closely. The retail inflation or Consumer Price Index (CPI) has been above its tolerance limit for three quarters straight as global supply chain issues pushed up fuel prices in addition to that of essential food items like wheat and edible oil, since the start of this financial year. “Going forward, food inflation is likely to moderate with the usual winter softening and the likelihood of a bountiful rabi harvest, but pressure points remain in the form of prices of cereals, milk and spices,” Das has said in a statement on December 7, 2022 as he announced his fifth straight interest rate hike. “We believe that the RBI will continue to increase rates in February policy by 25 bps which can be the last hike for this cycle as the numbers in the coming months would come down due to the base effect,” said Sabnavis. (With inputs from PTI) SEE ALSO <a href="https://www.businessinsider.in/finance/news/digital-inequality-debt-cost-of-living-crises-among-top-5-risks-for-india-in-2-years-wef/articleshow/96929194.cms" style="">Digital inequality, debt, cost of living crises among top 5 risks for India in 2 years: WEF</a> <a href="https://www.businessinsider.in/business/corporates/news/overall-demand-scenario-not-changed-significantly-but-europe-is-a-problem-says-tcs-ceo/articleshow/96859049.cms" style="">Overall demand scenario not changed significantly but Europe is a problem says TCS CEO</a>

Retail inflation falls to one year low of 5.72% in December

Rising prices of essential kitchen items pushed the <keyword id="513422" type="General" weightage="20" keywordseo="Retail-inflation" source="Orion">retail inflation</keyword> to a six-month high of 5.59 per cent in December, close to the Reserve Bank's upper tolerance limit of 6 per cent. The <keyword id="134096" type="General" weightage="20" keywordseo="Consumer-Price-Index" source="Orion">Consumer Price Index</keyword> (CPI) based retail inflation was 4.91 per cent in November 2021 and 4.59 per cent in December 2020. The RBI, which mainly factors in the CPI-based retail inflation while arriving at its bi-monthly monetary policy, has been tasked by the government to keep the inflation at 4 per cent with margin of 2 per cent on either side (that is, in the range of 2-6 per cent). Retail inflation has been rising since October 2021. In July too the rate of price rise was 5.59 per cent but it slowed in the subsequent two months, before starting to move up from October. As per the data released by the <keyword id="7734679" type="General" weightage="20" keywordseo="National-Statistical-Office" source="Orion">National Statistical Office</keyword> (NSO) on Wednesday, food inflation was at 4.05 per cent in December this fiscal compared to 1.87 per cent in the preceding month. In the food basket, inflation was on higher side in 'cereals and products', eggs, 'milk and products', spices, and 'prepared meals, snacks and sweets' segments in December over the preceding month. However, the rate of price rise was slower in case of vegetables, fruits, and 'oil and fats'. In the 'fuel and light' category, though the inflation softened from a month ago, it remained elevated at 10.95 per cent during the month. It was 13.35 per cent in November 2021. The Reserve Bank expects the inflation print to be somewhat higher over the rest of the year as base effects turn adverse. According to the RBI, it is expected that headline inflation will peak in the fourth quarter of the current fiscal and soften thereafter. Aditi Nayar, chief economist at Icra, said the increase in CPI inflation in December 2021 relative to the previous month was primarily led by food and beverages, and clothing and footwear. There was a welcome moderation in the prints for fuel and light, and pan, tobacco etc amidst a mild dip in miscellaneous items and housing, she added. "Overall, we expect the headline CPI inflation to range between 5.7 - 6 per cent in Q4 FY2022, as compared to the MPC's (<keyword id="6375120" type="General" weightage="20" keywordseo="monetary-policy-committee" source="Orion">Monetary Policy Committee</keyword>) forecast of 5.7 per cent. "While the CPI inflation has hardened sharply between November and December 2021, the uncertainty triggered by the third wave is sure to take precedence when the MPC meets next month. We now see a negligible likelihood of a change in stance or reverse repo hike in the February 2022 policy review," Nayar said. With a higher inflation target, the MPC can choose to prioritise growth revival for much longer than other major central banks, for many of whom inflation control has become a pressing policy focus, she noted. The RBI's next monetary policy meeting will be held in February. "Food inflation is expected to increase further due to supply bottlenecks and adverse weather conditions. "Although there has been a 68 basis points increase in the inflation rate in December over the previous month, the average inflation for Q3 remained below the RBI's estimates of 5.3 per cent," said M Govinda Rao, Chief Economic Adviser at Brickwork Ratings. The CPI has now remained within the tolerance level for the sixth month in a row with 5.59 per cent this December, D R E Reddy, CEO and Managing Partner at CRCL LLP said. "Inflationary pressures on food are projected to remain low for the foreseeable future. Household income has also increased, indicating a boost in discretionary income in the hands of the average person. Overall, these figures show that the economy is rapidly rebounding from the pandemic's devastation," Reddy said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/icmr-experts-reject-inclusion-of-molnupiravir-in-covid-19-treatment-guidelines-for-fourth-time-citing-safety-concerns/articleshow/88867442.cms">ICMR experts reject inclusion of Molnupiravir in COVID-19 treatment guidelines for fourth time citing safety concerns</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/scientist-s-somanath-to-take-over-as-new-isro-chairman/articleshow/88867399.cms">Scientist S. Somanath to take over as new ISRO chairman</a>

Retail inflation rises close to 6% in December on costlier kitchen staples

<keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s industrial production rose 2.4 per cent in July, according to the official data released on Monday. The IIP had grown 11.5 per cent in July 2021. As per the Index of Industrial Production (IIP) data released by the <keyword id="7734679" type="General" weightage="80" keywordseo="national-statistical-office" source="Orion">National Statistical Office</keyword> (<keyword id="2501810" type="General" weightage="80" keywordseo="nso" source="Orion">NSO</keyword>), the manufacturing sector's output grew 3.2 per cent in July 2022. The mining output contracted 3.3 per cent while power generation increased 2.3 per cent during the same period. In April 2020, industrial production had contracted 57.3 per cent due to a decline in economic activities in the wake of the lockdown imposed to curb the spread of coronavirus infections. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/education/news/melbourne-university-madras-university-sign-mou-for-research-and-teaching-programmes/articleshow/94156218.cms">Melbourne University, Madras University sign MoU for research and teaching programmes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/cheetah-reintroduction-all-but-one-village-in-kuno-national-park-resettled-say-officials/articleshow/94155743.cms">Cheetah reintroduction: All but one village in Kuno national park resettled, say officials</a>

Industrial production grows 2.4 pc in July

Indias urban unemployment rate improved remarkably in the April-June quarter, revealed the <keyword id="7734679" type="General" weightage="50" keywordseo="national-statistical-office" source="Orion">National Statistical Office</keyword>. It dipped to 7.6 per cent during the April-June quarter from 12.6 per cent during the corresponding quarter a year ago. It is a clear indication that the country's economy is coming out the grip of Covid-induced slowdown. India's urban unemployment rate improved across genders and age groups to its best-ever level in the quarter ending June 2022.India's headline urban unemployment rate was 7.6 per cent in the quarter ending June, compared to 8.2 per cent in the quarter ending March, 12.7 per cent in the June quarter of 2021-22, and 8.9 per cent in the June quarter of 2019-20. Joblessness was high in April-June 2021 mainly due to the staggering impact of Covid-related restrictions in the country. The 15th <keyword id="3429286" type="General" weightage="50" keywordseo="periodic-labour-force-survey" source="Orion">Periodic Labour Force Survey</keyword> (<keyword id="1697741" type="General" weightage="80" keywordseo="plfs" source="Orion">PLFS</keyword>) showed that the unemployment rate among females (aged 15 years and above) in urban areas declined to 9.5 per cent in April-June, 2022 from 14.3 per cent a year ago. It was 10.1 per cent in January-March, 2022.Among males, the unemployment rate in urban areas dipped to 7.1 per cent in April-June 2022 compared to 12.2 per cent a year ago. It was 7.7 per cent in January-March 2022. Since some kinds of jobs, like those in agriculture, are seasonal in nature, unemployment rate comparisons are best made for the same quarter across years. However, the remarkable improvement in this rate can be seen from the fact that it is the lowest rate since the quarter ending June 2018, the first quarter for which the quarterly bulletins have data, revealed media reports. That the improvement in unemployment rate was not lopsided can be seen from the fact that it improved across groups. The quarterly bulletin gives a breakup of unemployment rate by gender and by three age groups: all ages, 15-29 years, and 15 years and above. Unemployment rates for all these groups was the best in the quarter ending June, media reports said. Similarly, at 37.2 per cent, the labour force participation rate (<keyword id="4279410" type="General" weightage="80" keywordseo="lfpr" source="Orion">LFPR</keyword>) - or the share of population working or seeking work - in the first quarter of the current financial year was the highest for this quarter for any year since 2018-19 and 10 basis points (100th of a percentage point) higher than in the first quarter of last year. While LFPR was not at its best level in the quarterly bulletin's history like the unemployment rate, it is enough for it to be best for the June quarter because of the seasonality factor. The broad industry-wise breakup of workers further showed that employment prospects also improved. The share of workers in agriculture, secondary sector (which includes sectors like manufacturing and mining), and tertiary sector (comprises services) was 5.7 per cent, 34 per cent and 60.3 per cent, respectively. The share in agriculture is an improvement over the June quarters of FY 2021-22 and FY 2020-21, both affected by lockdowns, but not over FY 2019-20, when only 4.9 per cent were in agriculture. The share in tertiary sector was similarly a higher 62 per cent in FY 2019-20, a clear sign that though people are seeking and finding jobs with the pandemic under control, they may not be earning as much as they did before the pandemic. These signs will be confirmed or rejected when the unit-level data becomes available, the report stated. Labour force refers to the part of the population which supplies or offers to supply labour for pursuing economic activities for the production of goods and services and, therefore, includes both employed and unemployed persons. The NSO launched PLFS in April 2017. On the basis of PLFS, a quarterly bulletin is brought out giving estimates of labour force indicators namely unemployment rate, worker population ratio (<keyword id="1966243" type="General" weightage="50" keywordseo="wpr" source="Orion">WPR</keyword>), labour force participation rate (LFPR), distribution of workers by broad status in employment and industry of work in Current Weekly Status. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/gromo-raises-11-million-plans-to-double-headcount-in-6-12-months/articleshow/94031705.cms">GroMo raises $11 million, plans to double headcount in 6-12 months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-beats-grey-market-expectations-lists-at-a-55-premium/articleshow/94017839.cms">DreamFolks Services stock slips 8% from its listing price</a>

India's urban unemployment rate dips to 7.6% in the April-June quarter

New Delhi, India's economy grew 7.6 per cent in the September quarter of this fiscal and remained the fastest-growing large economy, mainly due to better performance by manufacturing, mining and services sectors, the government data showed on Thursday. The gross domestic product (GDP) expanded by 6.2 per cent in the July-September quarter of 2022-23. India remained the fastest-growing major economy, as China posted a 4.9 per cent growth in July-September 2023. According to the National Statistical Office (NSO) data, the agriculture sector GVA (Gross Value Added) growth decelerated to 1.2 per cent in the September 2023 quarter from 2.5 per cent a year ago. The expansion in financial, real estate and professional services' GVA was 6 per cent, down from 7.1 per cent in the year-ago quarter. The GVA in the manufacturing sector showed a growth of 13.9 per cent in the second quarter of the current fiscal compared to a contraction of 3.8 per cent in the year-ago period. As per the data, the output (GVA) in the 'mining and quarrying' accelerated to 10 per cent in the second quarter against a contraction of 0.1 per cent a year ago. Electricity, gas, water supply and other utility services' grew by 10.1 per cent from 6.1 per cent. The construction sector recorded a growth of 13.3 per cent year-on-year in the second quarter compared to 5.7 per cent. The growth in gross domestic product (GDP) during the April-June quarter of 2023-24 remained unchanged at 7.8 per cent. "Real GDP or GDP at Constant (2011-12) Prices in Q2 2023-24 is estimated to attain a level of Rs 41.74 lakh crore, as against Rs 38.78 lakh crore in Q2 2022-23, showing a growth of 7.6 per cent as compared to 6.2 per cent in Q2 2022-23," the NSO said in a statement. Nominal GDP or GDP at current prices in Q2 2023-24 is estimated at Rs 71.66 lakh crore against Rs 65.67 lakh crore in Q2 2022-23, showing a growth of 9.1 per cent as compared to 17.2 per cent in Q2 2022-23, it added. It further said the GDP at constant (2011-12) prices in April-September 2023-24 (H1 2023-24) is estimated at Rs 82.11 lakh crore against Rs 76.22 lakh crore during the corresponding period of the previous year, showing a growth of 7.7 per cent in H1 2023-24 compared to 9.5 per cent in H1 2022-23, it said. GDP at current prices in H1 2023-24 is estimated at Rs 142.33 lakh crore compared to Rs 131.09 lakh crore during the corresponding period of the previous year, showing a growth of 8.6 per cent in H1 2023-24 against 22.2 per cent in H1 2022-23. Meanwhile, the output of eight key infrastructure sectors jumped 12.1 per cent in October 2023 against 0.7 per cent expansion in the year-ago period on account of a sharp uptick in production of coal, steel, cement and electricity, according to the official data. The government's fiscal deficit at the end of October touched 45 per cent of the full-year budget estimate, according to data released by the Controller General of Accounts (CGA) on Thursday.

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